All Forum Posts by: Erik Smalls

I’m an artist. I like being around like-minded people. There are more opportunities to make money in LA. I have started a talent management company less than a year ago. I think that business stands a better chance in LA. The network of friends and mentors I’ve acquired out there is priceless. Beats NY three folds.

I’m an IT field tech. I get a lot of work in LA. It’s easier to get to my jobs without the snow and ice on the ground. I’m also sweat on an actress in North Hollywood.

I bought my house for 188K. That’s not much of a house considering it’s 13 miles from Manhattan. I was raised NYC so I totally understand what’s available at that price. That is why I chose Van Nuys and San Fernando. Totally beats the SRO I live in in Arts District during the winter. Even if I buy in Compton, it’s pay dirt if I hold it for 10 years. Also, I will not stand for another brutal NJ winter.

I’m glad you mentioned, “debt to income.” I totally forgot about the 15k I get for renting my home in the winter.

I’m gonna run it by a mortgage broker in the morning. If it’s possible, it’ll happen.

Thanks

Thanks for your replies. How accurate is this article?

https://www.newcastle.loans/mortgage-guide/mortgagequestions-can-i-get-a-mortgage-if-i-owe-federal-tax-debt

Hello

I haven’t been here in a long time because I very rarely have money to invest.

I bought a half-duplex in Belleville NJ in 2017 for $188,000. The Zestmate is $265,520. I owe approximately $175,000. I have a tax lien of $52,000 for back taxes. I am an independent contractor. My annual salary is on average 60k. My credit score is fluctuating between 650 and 670.

For the past 3 years I have been spending winter months in Los Angeles. I rent my house out from October to March using Airbnb. It pays the mortgage. In LA I live in a single room occupancy that cost me roughly $1600 per month.

How will I be able to buy a cheap home in LA using the equity from the first home? My idea of cheap is between 200k and 300K.

I’ve just located a townhouse in Van Nuys. If it’s possible I’d rent it out during the summer months to cover the bills.

All of this is considering the U.S. comes back to a normal we once knew. I think this is a perfect time to buy.

How can I make this dream a reality?

I appreciate your help.

Erik

I just got my first mortgage commitment for a small single family in Bellville NJ, I’m scheduled for closing next week. 900 Square feet, half duplex, very good condition for 188. It’s a property that I plan on living in. I see the comps in the area are roughly 230. I’m wondering if there is equity and if so will I be able to use it for an investment purchase? How long will I have to wait? How does this purchase affect my credit and buying power?

Hey, Taron

I'm also from Brooklyn. I was looking in Newark as well. It's a hot market from what I can see. It looks like the same thing that happened to Brooklyn is happening to Newark. Down town is hot. Iron Bound is hot. You want to stay as close to Penn Station as possible, preferably walking distance. I would stay away from any other Newark neighborhood. Doesn't look like anything else is coming up. I am a newbie.  

I am a newbie.  I am hoping to get tips on how to invest in real estate through this forum